S&P500 : What Next ?

• Daily chart price action of the last 3 weeks is uncommon (in my experience) : 26Apr10 high = 1220 --> 06May10 low = 1069 --> 13May10 high = 1173 --> 21May10 low = 1057. Huge swings compressed within a short space of time. Alot of the tension has been let out of the market after this back and forth and we should trade a lot calmer in the week ahead. Panic and excitement over, for now.
• Weekly uptrend line broken; overhanging this week at 1167.
• Monthly : Potential Evening Star in the making; need a close for May10 below 1137 to lock in the bearish pattern. But a meaningful pull-back in the next 2 months to form a right shoulder would not surprise. (Left shoulder at 1151).
• Overall : Want to be short S&P. (Better potential and risk reward than shorting EUR/USD). Question of timing and entry levels now.